Do you have a HELOC mortgage? Your interest on the home equity line of credit may no longer be … [+] tax-deductible thanks to the Trump tax plan. getty If you have a home equity line of credit (HELOC), you may be wondering if you are entitled to a valuable tax deduction for the interest
Taxes
getty The new per diem numbers are now out – a little earlier than normal. It’s important to note that they are not effective until October 1, 2020. These numbers are to be used for per diem allowances paid to any employee on or after October 1, 2020, for travel away from home. The Internal Revenue
Earlier this week, the Cypriot Minister of Finance, Constantinos Petrides, and the Deputy Minister of Finance of the Russian Federation, Alexey Sazanov, signed a protocol amending the agreement for the avoidance of double taxation concerning taxes on income and capital between Russia and Cyprus. The amending Protocol was signed on behalf of the Republic of
Joe Biden campaigning in Warren, Michigan on September 9th. (Photo by Chip Somodevilla/Getty Images) Getty Images It’s safe to say that the 2020 Presidential election between the incumbent Donald Trump and his challenger, former Vice President Joe Biden, will be the most vicious this country has ever witnessed. The first debate remains weeks away, and
getty The U.S. Bureau of Labor Statistics reported today that the consumer price index (CPI) has increased by 0.4% for August. Over the last 12 months, the index increased 1.3% before seasonal adjustment; this figure has been on the way up since the end of May 2020. In contrast, the chained CPI increased 1.0% over the last
(Photo Illustration by Scott Olson/Getty Images) Getty Images The newly-published results of an extensive survey of public views on taxes find deep partisan divisions and a widespread lack of understanding about federal income and estate taxes. The survey also shows that people’s perceptions of how government spends revenue may have a powerful effect on their
Taxes are an expense we all have, not really an opportunity. Yet if you play your cards right, tax savings and opportunities can now go together in a big way. The big federal tax bill passed in the closing days of 2017 is loved or hated by some, but few provisions have sparked as much
UNITED STATES – SEPTEMBER 10: Senate Majority Leader Mitch McConnell, R-Ky., is seen in the basement … [+] of the Capitol after a procedural Senate vote on a coronavirus relief bill failed on Thursday, September 10, 2020. (Photo By Tom Williams/CQ-Roll Call, Inc via Getty Images) CQ-Roll Call, Inc via Getty Images If you invest
Economic Security Planning, Inc. Today’s column addresses questions about switching between benefits while Social Security offices are shut down due to the pandemic, how to begin benefits as early as possible and when it may be possible to claim on former and current spouses’ records. Larry Kotlikoff is a Professor of Economics at Boston University
WASHINGTON, DC – SEPTEMBER 09: U.S. Senate Majority Leader Mitch McConnell (R-KY) speaks to members … [+] of the media after the weekly Senate Republican policy luncheon at Hart Senate Office Building September 9, 2020 on Capitol Hill in Washington, DC. (Photo by Alex Wong/Getty Images) Getty Images It looks like Senate Majority Leader Mitch
Watch Benjamin M. Willis, contributing editor with Tax Notes Federal, and Jed Bodger, vice president of taxation at the Sierra Nevada Corp., discuss their recent article examining how the Biden-Harris proposed corporate tax and long-term capital gains rates increases logically lead to eliminating all or part of section 199A passthrough deduction to mitigate tax rate disparities and choice
WASHINGTON, DC – MAY 20: Stacks of US $100 bills (Photo by Mark Wilson/Getty Images) Getty Images As Congress returns from its August recess, Republicans remain opposed to a new large economic stimulus package. In particular, they don’t see the need for aid to city and state budgets, and observers say this is “the largest stumbling block in
FILE – In this Aug. 31, 2020, file photo, clients line up outside the Mississippi Department of … [+] Employment Security WIN Job Center in Pearl, Miss. The government issues the jobs report Friday, Sept. 4, for August at a time of continuing layoffs and high unemployment. (AP Photo/Rogelio V. Solis, File) ASSOCIATED PRESS Congress
TOPLINE The Federal Trade Commission is investigating Intuit over allegations it deliberately diverted eligible TurboTax users away from free filing options through deceptive marketing. ASSOCIATED PRESS KEY FACTS The FTC has been investigating Intuit for more than a year, according to a court filing first reported by ProPublica on Tuesday. The agency is probing whether
getty Didn’t get a stimulus check this year? The Internal Revenue Service (IRS) is beginning an outreach program to Americans who typically don’t file federal income tax returns and may be eligible for an Economic Impact Payment (EIP, more commonly known as a stimulus check) but have not yet registered to receive one. As part
Attendees wait for Robert Kyncl, vice president of global content partnerships with YouTube, to give … [+] a keynote presentation at the 2012 International Consumer Electronics Show (CES) in Las Vegas, Nevada, U.S., on Thursday, Jan. 12, 2012. The 2012 CES trade show features 2,700 global technology companies presenting consumer tech products and is expected
getty Chances are that you are spending today gathered around a grill or trying to soak in some sun. Labor Day weekend is considered summer’s last hurrah and ushers in fall and, including, in areas like mine, the beginning of the school year. (You can read more about the tie-in to the school year and
WAN CHAI, HONG KONG, HONG KONG ISLAND – 2018/04/07: A Bitcoin ATM machine in Wan Chai, Hong Kong. … [+] (Photo by Miguel Candela/SOPA Images/LightRocket via Getty Images) © 2018 SOPA Images Popular virtual currency Bitcoin has been a news fixture since its introduction in 2009. If fact, Bitcoin is the world’s leading virtual currency,
getty As tax time approaches for many, taxpayers and tax professionals alike are engaging in the annual ritual of gathering their cryptocurrency transactions and seeking out the latest and greatest guidance from the IRS on the subject. As luck would have it, the IRS recently released an internal memorandum fleshing out its stance on the taxation
Like everything else this year, the Kentucky Derby 2020 is different, not May but September, run in the evening (7:02 pm Eastern time), and run without fans in the stands. But betting and the IRS haven’t changed. It’s traditional to place a bet, and the winnings can pay off handsomely. U.S. law still allows legal